Investor relations

Consensus estimates

The current market consensus as per 11 October 2017 is based on the research of three brokers, namely Degroof Petercam, ING and KBC Securities.

a Actual figures
e Estimated figures based on market consensus

 

Combined figures

(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Combined net Sales 1.347,9 708,8 701,6 1.428,5 1.479,1 1.524,2
annual growth rate 3,3% 6,0% 6,0% 3,5% 3,1%
Flexible Foams 607,2 316,6 304,1 621,6 629,5 638,3
annual growth rate 2,1% 2,4% 2,4% 1,3% 1,4%
Bedding 292,9 143,4 148,1 286,4 291,6 297,0
annual growth rate -3,2% 2,3% -2,2% 1,8% 1,9%
Insulation 234,1 119,3 127,1 256,3 277,3 298,3
annual growth rate 1,0% 9,6% 9,5% 8,2% 7,6%
Automotive 288,9 164,4 163,2 336,7 356,2 366,5
annual growth rate 11,9% 14,9% 16,5% 5,8% 2,9%
Eliminations -75,4 -34,9 -40,9 -72,6 -75,4 -76,0

 

 

(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Combined REBITDA 97,7 48,2 51,4 101,6 113,7 125,5
as % of sales 7,2% 6,8% 7,3% 7,1% 7,7% 8,2%
Flexible Foams 46,3 22,4 22,2 45,5 45,9 47,9
as % of sales 7,6% 7,1% 7,3% 7,3% 7,3% 7,5%
Bedding 15,7 7,3 9,1 16,8 18,5 21,0
as % of sales 5,4% 5,1% 6,1% 5,9% 6,3% 7,1%
Insulation 33,1 14,4 15,7 29,9 36,0 40,1
as % of sales 14,1% 12,0% 12,4% 11,7% 13,0% 13,5%
Automotive 19,9 13,0 12,9 26,4 30,6 33,9
as % of sales 6,9% 7,9% 7,9% 7,8% 8,6% 9,3%
Corporate -17,3 -8,9 -8,4 -17,0 -17,3 -17,4

 

(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Combined EBITDA_ 85,4 43,8 48,5 89,5 112,7 124,5
as % of sales 6,3% 6,2% 6,9% 6,3% 7,6% 8,2%
Flexible Foams 39,6 22,3 21,6 40,2 45,9 47,9
as % of sales 6,5% 7,0% 7,1% 6,5% 7,3% 7,5%
Bedding 12,1 6,5 8,3 15,9 17,6 20,1
as % of sales 4,1% 4,5% 5,6% 5,5% 6,1% 6,8%
Insulation 32,9 14,4 15,7 29,9 36,0 40,1
as % of sales 14,0% 12,0% 12,4% 11,7% 13,0% 13,5%
Automotive 18,3 9,7 12,1 21,2 30,6 33,9
as % of sales 6,3% 5,9% 7,4% 6,3% 8,6% 9,3%
Corporate -17,4 -9,1 -9,2 -17,8 -17,4 -17,6

 

(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Combined REBIT__ 58,2 28,8 29,1 60,4 70,7 81,6
as % of sales 4,3% 4,1% 4,1% 4,2% 4,8% 5,4%
Flexible Foams 33,8 16,5 15,6 32,8 33,0 34,9
as % of sales 5,6% 5,2% 5,1% 5,3% 5,2% 5,5%
Bedding 10,4 4,6 6,2 11,6 13,3 15,7
as % of sales 3,6% 3,2% 4,2% 4,0% 4,5% 5,3%
Insulation 26,8 12,1 12,1 23,0 28,6 32,1
as % of sales 11,4% 10,2% 9,5% 9,0% 10,3% 10,8%
Automotive 5,7 5,1 4,1 11,1 14,1 17,2
as % of sales 2,0% 3,1% 2,5% 3,3% 3,9% 4,7%
Corporate -18,4 -9,4 -8,9 -18,0 -18,3 -18,4

 

(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Combined EBIT___ 44,3 23,3 32,0 54,3 69,7 80,6
as % of sales 3,3% 3,3% 4,6% 3,8% 4,7% 5,3%
Flexible Foams 26,5 16,3 18,3 30,8 33,0 34,9
as % of sales 4,4% 5,2% 6,0% 4,9% 5,2% 5,5%
Bedding 5,8 3,7 4,7 9,9 12,4 14,9
as % of sales 2,0% 2,6% 3,1% 3,5% 4,3% 5,0%
Insulation 26,6 11,0 13,2 24,2 28,6 32,1
as % of sales 11,4% 9,2% 10,4% 9,4% 10,3% 10,8%
Automotive 4,0 1,7 5,0 7,7 14,1 17,2
as % of sales 1,4% 1,1% 3,1% 2,3% 4,0% 4,7%
Corporate -18,6 -9,6 -9,1 -18,2 -18,4 -18,6

 

(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Combined Net Financial Debt 126,0 149,7 122,4 122,4 116,7 79,3
Combined off balance Factoring/Forfeiting 52,2 58,3 60,0 60,0 60,0 60,0

 


Consolidated figures

(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Consolidated Sales 1.033,8 554,1 556,2 1.122,2 1.166,5 1.205,8
annual growth rate 5,8% 8,2% 8,5% 4,0% 3,4%
Consolidated EBITDA 52,9 38,0 41,6 77,0 100,1 111,7
as % of consolidated sales 5,1% 6,9% 7,5% 6,9% 8,6% 9,3%
Consolidated EBIT 23,2 22,5 25,1 45,7 65,0 75,8
as % of consolidated sales 2,2% 4,1% 4,5% 4,1% 5,6% 6,3%
Earnings after taxes 4,5 11,8 13,0 27,3 40,5 50,0
as % of consolidated sales 0,4% 2,1% 2,3% 2,4% 3,5% 4,1%
             
(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Consolidated Net Financial Debt 108,4 132,1 106,3 106,3 95,2 61,4
Consolidated off balance Factoring/Forfeiting 51,7 56,3 97,2 97,2 89,6 79,1
             
(in million EUR) 2016a 1H2017a 2H2017e 2017e 2018e 2019e
Total equity 251,2 253,7 269,0 269,0 295,0 325,9

 

 

Disclaimer

This consensus has been collated from estimates submitted by analysts to Recticel using a standard template. The figures above are provided by Recticel for information purposes only. The research material from which the figures are drawn is the sole responsibility of the analysts concerned. Recticel does not endorse the research in any way and accepts no liability in respect of it. In particular, Recticel makes no warranty or representation as to the accuracy of the research, the reasonableness of any assumptions or projections or the likelihood of achieving the figures set out above. Recticel has not commented on or verified any individual estimates, nor does it intend to do so in the future. Recticel shall not be liable for any errors in the content of the research material, or for any action taken in reliance thereon, or on the figures above. The inclusion of any information above does not imply any endorsement of, or concurrence with, the same on the part of Recticel. It should be noted that estimates are, by definition, forward looking and are therefore subject to risks and uncertainties which are subject to change at any time and which may materially affect eventual results. Recticel assumes no obligation to update or revise the figures presented above. The information set out above does not constitute an invitation or solicitation of an offer to subscribe for or purchase any securities and shall not form the basis for any contract or commitment whatsoever. Nothing contained herein should be taken as a recommendation to buy or sell shares in Recticel or to take or refrain from taking any other action or to place any reliance on any of the information set out above.